Posted on: 10th Feb, 2009 11:56 pm
i had a fha loan for 144,000 and refinance it (5.8750% fixed rate loan, prime prepayment penalty loan for 3 years,and also i cashed out 28,000 ( in 2005). i need to move unexpectedly out of town and the house can't be rented because of a clause on the deed. i have 30 days to move and don't know what to do about the house. what are my best choices to avoid a deficiency judgment or any other judgment.
currently i am able to make the payments but by moving, the rent is higher and i don't have a job yet, so i can't commit to to payments.
in the note it states that in case of default the note holder may require me to pay immediately the full amount of principal and all the interest that that i owe in the amount.
does this mean that they might require the outstanding balance of the principal at once + principal?
i don't want to do the short sale since i will be up side down about $60,000.
i haven't talk with the lender yet.can i ask for a dil or just let them to forclose. i had a bk long ago and i don't want to go that route again since it took me long to rebuild my credit.
what option to pick so my credit won't suffer as much? now is over 700 and i am in good standing with everybody.
it is a hard choice to make by relocating and loosing the house but i have to do it
thanks for your time to help me!!!!!
currently i am able to make the payments but by moving, the rent is higher and i don't have a job yet, so i can't commit to to payments.
in the note it states that in case of default the note holder may require me to pay immediately the full amount of principal and all the interest that that i owe in the amount.
does this mean that they might require the outstanding balance of the principal at once + principal?
i don't want to do the short sale since i will be up side down about $60,000.
i haven't talk with the lender yet.can i ask for a dil or just let them to forclose. i had a bk long ago and i don't want to go that route again since it took me long to rebuild my credit.
what option to pick so my credit won't suffer as much? now is over 700 and i am in good standing with everybody.
it is a hard choice to make by relocating and loosing the house but i have to do it
thanks for your time to help me!!!!!
You can go for DIL, but this may bring your FICO score down by 150 points. Since you have a score of 700, I think that you can go for a personal loan and pay it off. With 700 credit score it is possible that you can get a better interest rate on the loan. Now, after paying off the mortgage, you can sell off the house and pay off the personal loan with that money.
Yes with a score of 700 maybe best to try to get a personal loan and pay off the house. Then sell and pay back loan with money.
thank you for the reply.
i have an additional question.what the personal loan will cover, the difference on the market value and the actual loan which is 60,000?
i quite don't understand.since i have to relocate and find a job maybe in a different line of work , how am i going to get approved for a big loan? when i move i will stop making payment on the house since my rent will be more than the mortgage payments about 500 more, so adding a loan will tip me over.can you think of something else.
i was wondering even if they will approve the dil since this is a second mortgage on the house.and then what ?
thanks again
i have an additional question.what the personal loan will cover, the difference on the market value and the actual loan which is 60,000?
i quite don't understand.since i have to relocate and find a job maybe in a different line of work , how am i going to get approved for a big loan? when i move i will stop making payment on the house since my rent will be more than the mortgage payments about 500 more, so adding a loan will tip me over.can you think of something else.
i was wondering even if they will approve the dil since this is a second mortgage on the house.and then what ?
thanks again
The current loan is 178,000 and the house will sell on a short sale for about 120,000 , what loan do you suggest I should get?
Interesting and informative, but would participate in something more on this topic?
If I was your lender, I would want to know why you have to leave town so quick, leaving your job and home, especially if you don't have a job lined up?
Is my son's health that determine the move.I can't disclose but it but I try everything and this is my only chance, to relocate.
My husband has been working in another state for 3 months. The company has offered him a position. His job at home is long gone and it is very hard on the family. The problem is that to sell my home I have a first and a second mortgage and according to the market I will be upside down by about 50k. I don't know what angle to take. Any suggestions would help. Thanks in advance
hi worried,
you can speak to the first lender about the relocation and check out if he is ready to offer you a deed in lieu of foreclosure. however, you should note that though the first lender agrees to a deed in lieu, you will still be liable for the second mortgage. if you cannot pay the second mortgage, the lender may charge off the account and a third party collection agency will collect it from you.
thanks
you can speak to the first lender about the relocation and check out if he is ready to offer you a deed in lieu of foreclosure. however, you should note that though the first lender agrees to a deed in lieu, you will still be liable for the second mortgage. if you cannot pay the second mortgage, the lender may charge off the account and a third party collection agency will collect it from you.
thanks
I need a 4000.00 loan in one week,need to move from fl to nc .IM a sing parent and have friends there that will help me find work and an apt.I will be able to pay the loan back at 200.00 a month for 20 month.
Welcome Paul,
Are you looking for a personal loan? In that case, you need to contact the local personal lenders and apply for a loan. If you meet the required criteria of the lenders, you'll be able to get the loan.
Are you looking for a personal loan? In that case, you need to contact the local personal lenders and apply for a loan. If you meet the required criteria of the lenders, you'll be able to get the loan.